VALMINVEST: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
VALMINVEST
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€80,732
2024 · -€47,526-€33,207
Equity
€871,586
2024 · €950,193-€78,607
Cash
€669
2024 · €12,734-€12,064
Balance sheet total
€3.8m
2024 · €3.8m+€18,091
Largest movements
Assets
- Receivables within one year +€105,212
up €105,212 (+19.4%), from €541,140 to €646,352
of which Other amounts receivable: +€200,556
- Tangible fixed assets -€70,080
down €70,080 (-2.7%), from €2.6m to €2.5m
of which Land and buildings: -€56,295
Equity and liabilities
- Short-term financial debts +€515,000
up €515,000 (+114%), from €450,000 to €965,000
of which Credit institutions: +€515,000
- Debts after one year -€388,451
down €388,451 (-19.9%), from €2.0m to €1.6m
- Current portion of long-term debt -€121,093
down €121,093 (-100%), from €121,093 to €0
- Other debts +€91,565
up €91,565 (+48.3%), from €189,704 to €281,269
- Profit (loss) carried forward -€71,917
down €71,917 (-9.8%), from €736,601 to €664,684
Income statement
- Gross operating margin -€22,047
down €22,047 (-24.4%), from €90,493 to €68,445
- Depreciation -€20,452
down €20,452 (-22.6%), from €90,532 to €70,080
- Other operating charges +€19,928
up €19,928 (+236%), from €8,446 to €28,374
- Write-downs +€12,397
new in 2025: €12,397
- Financial charges -€5,960
down €5,960 (-11.9%), from €49,887 to €43,927
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
-€47,526
Gross operating margin
-€22,047
Depreciation
+€20,452
Write-downs
-€12,397
Other operating charges
-€19,928
Financial income
-€874
Financial charges
+€5,960
Taxes
-€4,374
Result 2025
-€80,732
raises the resultlowers the result
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€19,646
Investment
€0
Financing
+€7,582
Cash 2024
€12,734
From operations (derived)
-€19,646
Net result for the year
-€80,732
Depreciation
+€70,080
Receivables after one year
+€1,667
Receivables within one year
-€105,212
Deferred charges and accrued income
+€3,310
Provisions
-€2,891
Trade debts
-€1,630
Tax, wage and social debts
+€4,198
Other debts
+€91,565
Financing
+€7,582
Debts after one year
-€388,451
Current portion of long-term debt
-€121,093
Short-term financial debts
+€515,000
Contributions, distributions and other
+€2,125
Cash 2025
€669
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,763,456 | €3,781,547 | +€18,091 | +0.5% |
| Fixed assets | 21/28 | €3,187,273 | €3,117,193 | -€70,080 | -2.2% |
| Tangible fixed assets | 22/27 | €2,602,161 | €2,532,081 | -€70,080 | -2.7% |
| Land and buildings | 22 | €2,557,427 | €2,501,132 | -€56,295 | -2.2% |
| Plant, machinery and equipment | 23 | €8,103 | €6,782 | -€1,321 | -16.3% |
| Furniture and vehicles | 24 | €16,931 | €10,908 | -€6,023 | -35.6% |
| Other tangible fixed assets | 26 | €19,701 | €13,259 | -€6,442 | -32.7% |
| Financial fixed assets | 28 | €585,111 | €585,111 | = | 0.0% |
| Current assets | 29/58 | €576,184 | €664,355 | +€88,171 | +15.3% |
| Amounts receivable after more than one year | 29 | €10,000 | €8,333 | -€1,667 | -16.7% |
| Other amounts receivable | 291 | €10,000 | €8,333 | -€1,667 | -16.7% |
| Amounts receivable within one year | 40/41 | €541,140 | €646,352 | +€105,212 | +19.4% |
| Trade receivables | 40 | €289,834 | €194,490 | -€95,344 | -32.9% |
| Other amounts receivable | 41 | €251,306 | €451,862 | +€200,556 | +79.8% |
| Cash at bank and in hand | 54/58 | €12,734 | €669 | -€12,064 | -94.7% |
| Deferred charges and accrued income | 490/1 | €12,310 | €9,000 | -€3,310 | -26.9% |
| Total equity and liabilities | 10/49 | €3,763,456 | €3,781,547 | +€18,091 | +0.5% |
| Equity | 10/15 | €950,193 | €871,586 | -€78,607 | -8.3% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €151,619 | €144,929 | -€6,691 | -4.4% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €141,984 | €135,293 | -€6,691 | -4.7% |
| Distributable reserves | 133 | €3,438 | €3,438 | = | 0.0% |
| Profit (loss) carried forward | 14 | €736,601 | €664,684 | -€71,917 | -9.8% |
| Provisions and deferred taxes | 16 | €57,077 | €54,185 | -€2,891 | -5.1% |
| Deferred taxes | 168 | €57,077 | €54,185 | -€2,891 | -5.1% |
| Amounts payable | 17/49 | €2,756,186 | €2,855,776 | +€99,590 | +3.6% |
| Amounts payable after more than one year | 17 | €1,950,701 | €1,562,250 | -€388,451 | -19.9% |
| Financial debts | 170/4 | €1,950,701 | €1,562,250 | -€388,451 | -19.9% |
| Amounts payable within one year | 42/48 | €794,302 | €1,282,342 | +€488,040 | +61.4% |
| Current portion of amounts payable after more than one year | 42 | €121,093 | €0 | -€121,093 | -100% |
| Financial debts | 43 | €450,000 | €965,000 | +€515,000 | +114% |
| Credit institutions | 430/8 | €450,000 | €965,000 | +€515,000 | +114% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €25,942 | €24,312 | -€1,630 | -6.3% |
| Suppliers | 440/4 | €25,942 | €24,312 | -€1,630 | -6.3% |
| Taxes, remuneration and social security | 45 | €7,563 | €11,761 | +€4,198 | +55.5% |
| Taxes | 450/3 | €7,563 | €11,761 | +€4,198 | +55.5% |
| Other amounts payable | 47/48 | €189,704 | €281,269 | +€91,565 | +48.3% |
| Accrued charges and deferred income | 492/3 | €11,184 | €11,184 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,532 | €70,080 | -€20,452 | -22.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,397 | +€12,397 | |
| Other operating charges | 640/8 | €8,446 | €28,374 | +€19,928 | +236% |
| Gross operating margin | 9900 | €90,493 | €68,445 | -€22,047 | -24.4% |
| Operating profit (loss) | 9901 | -€8,486 | -€42,405 | -€33,919 | -400% |
| Financial income | 75/76B | €11,067 | €10,194 | -€874 | -7.9% |
| Recurring financial income | 75 | €11,067 | €10,194 | -€874 | -7.9% |
| Financial charges | 65/66B | €49,887 | €43,927 | -€5,960 | -11.9% |
| Recurring financial charges | 65 | €49,887 | €43,927 | -€5,960 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | -€47,305 | -€76,138 | -€28,833 | -61.0% |
| Transfer from deferred taxes | 780 | €766 | €766 | = | 0.0% |
| Income taxes | 67/77 | €987 | €5,360 | +€4,374 | +443% |
| Profit (loss) for the period | 9904 | -€47,526 | -€80,732 | -€33,207 | -69.9% |
| Transfer from tax-exempt reserves | 789 | €8,816 | €8,816 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,710 | -€71,917 | -€33,207 | -85.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.